Let’s discuss several ways to add value to your property. Whether you’re selling or remortgaging, adding value to your property is relatively straight forward and relies on utilising your network of tradesmen and knowing your numbers. We’ll start by discussing the easy wins and then move onto the more niche methods.
What is Adding Value?
Adding value to your property is simply increasing the value of your property whether that be by upgrading your bathroom or having a loft conversion. This increase in value is greater than the cost of the bathroom upgrade or loft conversion. For example, if your property is worth £300,000, and you upgrade your bathroom and convert your loft for £15,000. Your property may be valued at £350,000. You have added £35,000 worth of value to your property (£50,000 – £15,000).
Upgrade Your Kitchen
There’s nothing worse than walking into a property with an outdated kitchen (unless you’re an investor!). Put yourself in your prospective buyers’ shoes or the surveyors coming to value the property. The kitchen is often one of the first spaces we encounter as we move into a property. Make sure it stands out and is ready to go, i.e. you can cook Lamb Kleftiko (my favourite dish!).
Upgrade Your Bathroom
Kitchen and bathrooms go hand in hand. They’re easy to redo and set the standard of the property. Contact your builder(s) and get a few quotes. You could even get your builder to do both the bathroom and kitchen in the same week and obtain a discount. Though, if you have tenants in your property, you may want to tackle one project at a time to minimise disruption. Here at Lemon Lettings & Sales, we find properties with a high standard of bathrooms easier to let.
Enhance The Exterior
This is the very first thing that buyers or surveyors see when approaching your property. It’s your chance to make a great first impression! Maybe you need another lick of paint, or a new front door? Whatever the case, invest here as it’s hard to undo a poor first impression. Not many Landlords invest in their exterior. By doing so, you’ll stand out and you’ll find your neighbours asking you for advice!
Tackle The Garden
Pay special attention to your garden – even if it is winter! It’s important that prospective buyers and surveyors can visualise the garden as a space that adds value to your home. Maybe you need to redo a wonky fence or attend to over-grown weeds. Jet washing any patio is a quick win. It may also be worth getting your garden furniture out the garage for the viewing or survey. Make it as easy as possible for people to visualise all the spaces in your home.
Generally speaking, a loft conversion always adds value to your property. Landlords are often deterred by the cost of a loft conversion. Do the maths and get a few quotes from different builders. Ensure you are fully aware of the HMO regulations surrounding 3 stories and research the price cap of properties on your street.
There are several ways to add value to your property. Such methods vary in price, ease and time. Start off with the easy wins and then consider the more complex projects. If you need help starting and managing such projects, please contact us and we will be happy to help. Alternatively, if you have anything to add, please get in touch! Read last week’ post on Top 5 Areas to Invest in Leeds 2018.
Thank you for reading and next week we’ll discuss another exciting topic! If you have any questions or need to chat to us, please feel free to contact us. In the meantime, why not visit our blog. Or sign up to our newsletter to receive automatic updates of new blog posts and exciting competitions.
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